PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩100 per share · Prices as of the 2026-10-02 close
Elentec has expanded its net profit after a sharp 2024 decline, and in 2026 its new large-format battery pack business for ESS and EVs has started to show up meaningfully in results.
2025 annual revenue reached KRW 753.1bn and operating profit KRW 43.17bn, up 35.5% and 168.1% year-on-year respectively
The company swung from a net loss of KRW 1.89bn in Q2 2025 to four consecutive quarters of net profit from Q3 2025
The company has begun a new business supplying EV battery packs using LG Energy Solution's 46-series cells to China's Chery Automobile
Revenue from LFP ESS battery packs and BMS for Europe has begun, with North American market entry also underway
Q2 2026 revenue and operating profit slowed from Q1, underscoring continued quarter-to-quarter volatility
Founded in 1982 and listed on KOSDAQ in 2002, Elentec is a comprehensive electronic parts manufacturer organized into three main segments: IT components, e-cigarette devices, and battery packs.
The IT components segment supplies phone cases, chargers, and TV frame parts for Samsung Electronics' Galaxy lineup, with recent growth reportedly aided by the popularity of Samsung's foldable phones and expanding share in India's super-premium smartphone segment.
The e-cigarette segment manufactures KT&G's heated tobacco device 'lil SOLID 2.0' under an ODM arrangement, serving as the company's second growth pillar.
The battery pack segment, originally focused on small packs for phones, laptops, and power tools, has expanded into larger applications including residential energy storage systems (ESS), electric vehicles, and serving robots.
Residential ESS packs are supplied to LG Electronics under an ODM model and have already entered the European market, while EV battery packs are supplied through LG Energy Solution to China's Chery Automobile.
In robotics, the company reportedly supplies serving-robot battery packs on an exclusive basis and is said to be collaborating with makers of companion robots, autonomous mobile robots, and humanoid robot developers.
Major customers include Samsung Electronics, Samsung SDI, KT&G, LG Electronics, and LG Energy Solution, with production divided between the domestic headquarters and overseas subsidiaries in Vietnam and India.
In the e-cigarette ODM space, competitors such as EMTEK are commonly cited, while the large-format battery pack business remains at an early stage with limited direct domestic peer comparison.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩154.6B | ₩7.5B | 4.8% |
| 2025Q3 | ₩225.6B | ₩15.4B | 6.8% |
| 2025Q4 | ₩251.9B | ₩20.9B | 8.3% |
| 2026Q1 | ₩235.2B | ₩17.5B | 7.5% |
| 2026Q2 | ₩213.5B | ₩7.1B | 3.3% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩997.9B | ₩79.8B | ₩54.7B | 8.0% | 21.0% | 133.4% |
| 2023 | ₩751.2B | ₩30.4B | ₩16.7B | 4.1% | 6.1% | 105.0% |
| 2024 | ₩556B | ₩16.1B | ₩400M | 2.9% | 0.1% | 102.7% |
| 2025 | ₩753.2B | ₩43.2B | ₩26.7B | 5.7% | 8.6% | 118.6% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-21
Elentec's consolidated revenue declined for two straight years from KRW 997.9bn in 2022 to KRW 751.2bn in 2023 and KRW 556.0bn in 2024, before rebounding sharply to KRW 753.2bn in 2025.
Operating margin fell from 8.0% in 2022 to 2.9% in 2024 before recovering to 5.7% in 2025, while net profit attributable to owners plunged to just KRW 0.35bn in 2024 before surging to KRW 26.65bn in 2025.
On a quarterly basis, Q2 2025 revenue was KRW 154.6bn with operating profit of KRW 7.48bn, yet the company still posted a net loss attributable to owners of KRW 1.89bn, likely reflecting non-operating factors.
This was followed by clear sequential improvement: Q3 2025 revenue of KRW 225.6bn, operating profit of KRW 15.39bn, and net profit of KRW 11.46bn, then Q4 2025 revenue of KRW 251.9bn, operating profit of KRW 20.89bn, and net profit of KRW 22.88bn.
Q1 2026 showed substantial year-on-year improvement with revenue of KRW 235.2bn, operating profit of KRW 17.53bn, and net profit of KRW 14.88bn, with company monitoring sources citing the popularity of Samsung's foldable phones, expanding Indian market share, and productivity gains from automation line improvements as drivers.
However, Q2 2026 revenue slowed to KRW 213.5bn, operating profit to KRW 7.11bn, and net profit to KRW 3.23bn compared to the prior quarter, underscoring the continued quarter-to-quarter volatility in the business.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net profit attributable to owners reached KRW 52.45bn, showing a substantial recovery in profit scale from the 2024 trough.
Still, initial investment burdens tied to the new battery pack business and seasonality in the e-cigarette and IT components segments suggest quarterly variability may persist.
The mobile phone components industry that Elentec operates in is seen as undergoing a gradual recovery, aided by a rebound in global smartphone shipments and expectations around foldable and AI-enabled smartphone demand.
The e-cigarette industry shows a structural growth trend as heated tobacco products gain share within the overall tobacco market, providing a stable revenue base tied to KT&G's market position.
The large-format battery pack business the company has chosen as a new growth driver is directly linked to ESS and EV market growth; industry data cited in reports point to substantial expansion in U.S. ESS installations driven by AI data center buildouts and renewable energy expansion.
As fire safety becomes a key competitive factor in the ESS market, Elentec is reported to have obtained UL 9540A thermal runaway fire propagation safety certification domestically based on cylindrical cells.
Policy developments such as a U.S. congressional bill targeting restrictions on Chinese-made ESS imports have also been cited as potentially favorable for domestic battery-related companies.
In the EV battery pack segment, the company's adoption of next-generation 46-series cylindrical cells is notable, offering significantly improved output and capacity versus prior formats.
However, ongoing softness in EV demand means the pace of revenue contribution from this new business may vary with market conditions.
On the competitive front, the large-format battery pack business remains at an early stage, with partnerships with cell makers such as Samsung SDI and LG Energy Solution serving as a key variable for expansion.
As of 2023, the company had set a goal of reaching KRW 1 trillion in revenue from the residential ESS battery pack business by 2030, which serves as a useful reference point for its medium-to-long-term direction.
Revenue from LFP ESS battery packs and BMS for Europe has already begun, and industry observers expect North American sales to ramp up starting in Q3 2026.
EV battery pack revenue is structured to begin in 2026, the first year of supply to Chery Automobile, with future growth pace depending on securing new customers and expanding vehicle models within existing accounts.
In robotics, following the supply of serving-robot battery packs, development work with companion robot, AMR robot, and humanoid robot developers is reportedly underway, which could become additional revenue sources if finalized.
The swappable battery system (MPP2) for Honda electric scooters is expected to see gradual growth across Japan, Southeast Asia, and India.
The IT components segment's performance is likely to remain tied to the continued popularity of Samsung's new foldable phone models and trends in Indian premium market share, while the e-cigarette segment's trajectory will hinge on the pace of KT&G's new product and market launches.
Overall, the company's medium-to-long-term growth story appears to be in a transition phase, shifting its center of gravity from small-parts-focused business toward large-format battery packs.
Elentec's recent earnings have shown a clear recovery from the 2024 net profit trough, and this profit recovery is in the process of being reflected in the market's valuation assessment.
SK Securities, in a report dated March 25, 2026, raised its price target for Elentec and applied a target price-to-earnings multiple derived from a discount to the 2022-2025 historical average, a view that can be interpreted as suggesting potential for valuation re-rating as new business revenue is recognized.
The stock's price relative to net assets is shifting to reflect the improved profit structure compared to the earlier downturn period, but initial investment burdens from the new battery pack business and quarter-to-quarter earnings variability remain variables in valuation assessment.
On the dividend front, since Elentec is simultaneously investing in new businesses, the future direction of shareholder return policy warrants continued observation.
Ultimately, how the currently traded multiple should be assessed remains a matter that could shift depending on how quickly revenue visibility is established for the new ESS, EV, and robotics businesses.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-21
Large-format battery packs for ESS, EVs, and robotics are diversifying the company's traditionally small-parts-focused business structure. European ESS revenue has already begun and North American entry is being pursued, while EV battery pack supply to Chery Automobile also started in 2026.
In robotics, development is reportedly underway with multiple customers, which could become an additional growth axis if finalized.
Following the 2024 net profit trough, the company posted four consecutive quarters of net profit starting from 2025. Annual operating margin improved to 5.7% in 2025 from 2.9% the prior year, supported by automation line improvements and cost efficiency gains. If this improvement trend is maintained, the stability of the profit structure could strengthen.
The company has maintained long-standing relationships with major customers including Samsung Electronics, Samsung SDI, KT&G, LG Electronics, and LG Energy Solution. The popularity of foldable phones and expanding premium market share in India are reported to have contributed to IT components segment revenue growth. The e-cigarette ODM business also provides a stable revenue base backed by KT&G's market position.
Operating profit sharply slowed from KRW 17.53bn in Q1 2026 to KRW 7.11bn in Q2 2026. In Q2 2025, despite a positive operating profit, the company posted a net loss, illustrating a structure where non-operating factors can have a substantial impact. This volatility may persist as initial investment burdens from new businesses overlap with seasonal factors.
The ESS, EV, and robotics battery pack businesses remain in an early revenue stage, and it may take time before they contribute meaningfully to overall sales. Continued softness in EV demand raises the possibility that the pace of securing new customers and expanding volumes could fall short of expectations. Funding requirements for these new business investments could also affect the financial structure.
The IT components segment is heavily dependent on Samsung Electronics' smartphone shipment cycle, meaning results can hinge on the popularity of specific models. The e-cigarette ODM business faces competition from rivals such as EMTEK and is exposed to external variables including litigation issues involving KT&G.
As the battery pack business expands, changes in partnership relationships with major cell manufacturers could also pose a risk factor.
The revenue structure is heavily reliant on a small number of major customers including Samsung Electronics, Samsung SDI, and KT&G. Volume adjustments or contract changes by a specific customer could directly affect performance. Customer diversification through new business expansion is underway but still at an early stage.
As the company operates overseas production subsidiaries in Vietnam and India, exchange rate fluctuations can affect costs and profitability. Battery cell and raw material price movements are also a factor affecting margins in the battery pack business. There is also potential for increased cost burden stemming from changes in global supply chains.
Expanding production facilities for ESS, EV, and robotics battery packs requires continuous capital investment. If revenue contribution timing is delayed, the payback period relative to investment could lengthen. Trends in financial soundness indicators such as the debt ratio also warrant continued monitoring.
Q3 2026 earnings are expected to be disclosed — a key point to check whether North American ESS sales ramp-up and EV battery pack revenue are reflected.
This is the period industry sources projected for North American residential ESS sales to ramp up, so actual order intake and revenue recognition should be checked via news and disclosures.
A point to check whether initial production volumes for Chery Automobile EV battery packs expand and whether new customers or vehicle models are secured.
It will be worth checking whether supply contracts are finalized for the robotics and humanoid battery pack development projects.
Elentec has achieved a clear profit recovery in 2025 following the 2024 net profit trough, and starting in 2026 its new large-format battery pack businesses for ESS, EVs, and robotics have begun to show up in revenue, marking an early stage of business structure transition.
However, as seen in the slowdown of Q2 2026 results compared to Q1, quarter-to-quarter volatility remains significant, and the pace of revenue contribution from new businesses remains an unresolved variable.
The existing IT components and e-cigarette businesses continue to serve as cash cows, underpinned by stable relationships with major customers such as Samsung Electronics and KT&G.
Brokerage reports have mentioned the possibility of valuation re-rating as new businesses ramp up, but this reflects the respective brokerage's own outlook, and whether it materializes needs to be confirmed through future results.
Investors may want to watch the upcoming Q3 earnings disclosure and the pace at which North American ESS and EV battery pack revenue is reflected as key observation points.
Overall, Elentec is in a phase where profit recovery and new business transition are proceeding simultaneously, with the outcome likely to unfold gradually over the coming quarters of results.
Report written 2026-09-05 · Data as of 2026-09-04
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